I have two shapes files. One contains a bunch of points while the other contains a bunch of polygons. In some cases, but not all, the points are located within/on a polygon. I would like to extract the values of the area for the polygons to the points that can be found within/on it and that will just provide either <null> or 0 when there is no polygon located at the same position as a point.

I'm looking for a tool that works just like "Extract Values to Points" under Spatial Analyst Tools > Extraction but will use polygons rather than raster.

I tried spatial join and couldn't get it to work exactly how I wanted it to. I found the parameters of the tool a little confusing. However, converting the polygons to points and extracting them worked fine for me.